Renewable energy firm Alternergy Holdings Corp. (ALTER), through its subsidiary Alternergy Tanay Wind Corp. (ATWC), has received P1.5 billion as the first tranche of funding for its 128-megawatt (MW) Tanay Wind Power Project. 

The company said on Wednesday that its lenders, Bank of the Philippine Islands (BPI) and Security Bank Corp., released the maiden funding as part of their P8-billion non-recourse financing facility. 

“The construction of the Tanay Wind Power Project is on full steam as more capital is infused. Our project financing facility has released the first drawdown following successful completion of the conditions precedent set by the lenders,” ALTER chief finance officer Carmen G. Diaz said. 

In addition to the financing facility, the Tanay Wind Power Project has secured P1.5 billion in equity capital as of September.  

“With more fund infusion in a timely manner, the construction of the Tanay Wind Power Project is progressing as scheduled,” Diaz added.  

The Tanay Wind Power Project is Alternergy's largest undertaking to date and a key component of its goal to achieve 500 MW of capacity by 2026. The project is slated for completion by the end of 2025.